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IN RE CASTILLIAN APARTMENTS, INC.

No. 105.

190 S.E.2d 161 (1972)

In the Matter of the Foreclosure of the Deed of Trust or Mortgage of CASTILLIAN APARTMENTS, INC.

Supreme Court of North Carolina.

July 31, 1972.

Attorney(s) appearing for the Case

Manning, Allen & Hudson, by James Allen, Jr., and Bryant, Lipton, Bryant & Battle, by Donald G. Lawrence, Chapel Hill, for appellant.

Newsom, Graham, Strayhorn, Hedrick & Murray, by Josiah S. Murray, III, Durham, for appellees.

BOBBITT, Chief Justice.

"Surplus money arising upon a sale of land under a decree of foreclosure stands in the place of the land itself in respect to liens thereon or vested rights therein. They are constructively, at least, real property, and belong to the mortgagor or his assigns." 3 Jones on Mortgages 685, § 2164 (8th ed., 1928). Accord: 59 C.J.S. Mortgages § 596, p. 1032; 55 Am.Jur.2d Mortgages 808, § 931.

Mortgage Corporation's second...

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